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2-year note auction of 24 February 2026 (new issue)

The 2-year note sold $77.266 billion at a high yield of 3.455% on , with a bid-to-cover ratio of 2.63.

Coupon
3.375%
Announced
Issued
Matures

High yield

3.455%

Median yield 3.403%

Bid-to-cover

2.63

▲ +0.09 since 22 Dec

Sold

$77.27 billion

$69 billion offered

Indirect bidders

55.9%

Of competitive bids accepted

The high yield was the lowest for a 2-year note since 23 August 2022

High yield at each 2-year note auction, %

The high yield was the lowest for a 2-year note since 23 August 202236 auctions from 21 February 2023 to 24 February 2026; the latest at 3.455%.3.0%3.5%4.0%4.5%5.0%5.5%2023202420252026This auction, 3.455%The high yield was the lowest for a 2-year note since 23 August 202236 auctions from 21 February 2023 to 24 February 2026; the latest at 3.455%.3.0%3.5%4.0%4.5%5.0%2024202520263.455%

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

The 36 auctions as a table
High yield and bid-to-cover of the last 36 2-year note auctions, newest first
AuctionHigh yield, %Bid-to-cover
3.4552.63
3.4992.54
3.4892.68
3.5042.59
3.5712.51
3.6412.69
3.9202.62
3.7862.58
3.9552.57
3.7952.52
3.9842.66
4.1692.56
4.2112.66
4.3352.73
4.2742.77
4.1302.50
3.5202.59
3.8742.68
4.4342.81
4.7062.75
4.9172.41
4.8982.66
4.5952.62
4.6912.49
4.3652.57
4.3142.68
4.8872.54
5.0552.64
5.0852.73
5.0242.94
4.8232.78
4.6702.86
4.3002.90
3.9692.68
3.9542.44
4.6732.61

Against its own history

Against the previous 12 auctions of the 2-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.632.584 of 128 of 12
High yield3.4553.79012 of 120 of 12
Indirect bidders' share55.957.99 of 123 of 12
Direct bidders' share34.330.42 of 1210 of 12
Primary dealers' share9.811.310 of 122 of 12
High minus median, basis points5.25.15 of 127 of 12

The table scrolls sideways; the first column stays in place.

Who bought the 2-year note?

Indirect bidders took 55.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 2-year note auction, 22 December 2025

Indirect bidders took 55.9% of the competitive bids acceptedIndirect bidders 55.9%, Direct bidders 34.3%, Primary dealers 9.8%Indirect bidders55.9%53.2%Direct bidders34.3%34.1%Primary dealers9.8%12.7%Indirect bidders took 55.9% of the competitive bids acceptedIndirect bidders 55.9%, Direct bidders 34.3%, Primary dealers 9.8%Indirect bidders55.9%53.2%Direct bidders34.3%34.1%Primary dealers9.8%12.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders55.953.2
Direct bidders34.334.1
Primary dealers9.812.7

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as2-Year, new issue
Offering amount$69,000,000,000
Bids received$189,696,643,500
Sold$77,265,995,400
Competitive bids accepted$68,667,373,900
Non-competitive bids accepted$332,794,900
Federal Reserve (SOMA) add-on$8,265,826,600
Foreign and international (FIMA) non-competitive$0
High yield, %3.455
Median rate, %3.403
Low rate, %2.880
Interest rate (coupon), %3.375
Bids at the high rate filled, %51.32
Bid-to-cover ratio2.63
Indirect bidders accepted$38,392,172,000
Direct bidders accepted$23,538,687,900
Primary dealers accepted$6,736,514,000
Indirect bidders' share, % (ours)55.9
Direct bidders' share, % (ours)34.3
Primary dealers' share, % (ours)9.8
High minus median, basis points (ours)5.2
Treasury par yield curve, 2-year point, same day, %3.43
High yield minus that point, basis points (ours)2.5

Treasury's own files: announcement (PDF) · results (PDF)

How to read this result

The high yield is the highest rate Treasury accepted; every winning bidder gets it. The bid-to-cover ratio is bids received divided by the amount sold. Shares are of competitive bids accepted. High minus median shows how far the accepted cut-off sat above the middle accepted bid; it is not the market's auction tail, which needs a when-issued price that is not public.

The par yield curve comparison sets the high yield against Treasury's own par yield curve on the auction day, at the point nearest this security's maturity (2-year). Treasury fixes that curve from market quotes in the late afternoon, after the auction closed, so the gap mixes the auction's pricing with the afternoon's market move. It is not the auction tail either.

What this number cannot tell you

  • Why it sold where it did. Results show what was bid and accepted, not the reasons behind any bid.
  • The auction tail as markets quote it. That compares the high yield with the when-issued yield just before bids closed, a market price that is not public; we show high minus median instead, a different measure.
  • Who the bidders are. Indirect bidders include foreign and international accounts bidding through the New York Fed and investors bidding through dealers; Treasury does not publish names.
  • Demand on another day. A bid-to-cover ratio counts bids at one auction against the amount offered, and the amount offered changes from auction to auction.

The longer windows

Each measure against earlier 2-year note auctions: how many were higher and lower, and their median
MeasureThis auctionWindowHigherLowerMedian
Bid-to-cover ratio2.63Last 24 auctions10 of 2414 of 242.60
Bid-to-cover ratio2.63Since 23 April 2008141 of 20461 of 2042.74
Bid-to-cover ratio2.63All 303 since 27 October 1999161 of 303138 of 3032.65
High yield3.455Last 24 auctions24 of 240 of 244.057
High yield3.455Since 23 April 200840 of 204164 of 2040.955
High yield3.455All 537 since 23 January 1980328 of 537209 of 5374.365
Indirect bidders' share55.9Last 24 auctions21 of 243 of 2465.1
Indirect bidders' share55.9All 204 since 23 April 200854 of 204150 of 20445.8
Direct bidders' share34.3Last 24 auctions2 of 2422 of 2421.1
Direct bidders' share34.3All 204 since 23 April 20083 of 204201 of 20416.8
Primary dealers' share9.8Last 24 auctions20 of 244 of 2412.3
Primary dealers' share9.8All 204 since 23 April 2008200 of 2044 of 20438.3
High minus median, basis points5.2Last 24 auctions9 of 2415 of 245.0
High minus median, basis points5.2Since 23 April 200833 of 204171 of 2043.4
High minus median, basis points5.2All 537 since 23 January 198044 of 537493 of 5372.3

The table scrolls sideways; the first column stays in place.

Sources

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields; how.

Source: U.S. Treasury, Daily Treasury par yield curve rates. Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 24 February 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260224_2.pdf. Compiled by 500metrics, "2-year note auction of 24 February 2026 (new issue)", https://500metrics.com/treasury/auctions/2-year-note/2026-02-24.

Sources and licence

Sources and licence

  • U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data (source). Licence: Public domain, a work of the US federal government
  • U.S. Treasury, daily par yield curve rates (source). Licence: Public domain, a work of the US federal government

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